Profit before other items is defined as revenue less operating expenses i.e. profit before taxation, finance income and costs, depreciation, amortisation, bargain purchase gain and gain on the call options Underlying statistics are net of certain transactions which do not form part of the regular operations of the business as further detailed in Table 2 below
· Stability of recurring revenue apparent through the Covid-19 virus · Focussed on keeping colleagues safe through working from home and following Governments guidelines and maintaining customers service levels · The majority of our key IT projects for improved profitability are now live with the remaining concluding in the first half of 2021. Continued focus on technology to become a key differentiator.
To ‘focus on core activities of pension administration and provision of life assurance wrappers’
Cross-border financial services provider STM Group has sold its Jersey-based trust and company services businesses to Guernsey-headquartered Imperium Group.
The deal includes the acquisition of STM Fiduciare Limited alongside a number of unnamed “non-revenue generating support companies, including nominee companies”, the firm said.
The sale will be staged in two parts for a total consideration payment of £1.86m ($2.6m, €2.1m).
The first stage will see Imperium pay £1.26m upon completion, while the remaining £600,000 will be paid six months after the acquisition.
Additionally, STM will leave £460,000 within the companies, which represent the Jersey capital requirement.